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COGFA Releases December Revenue Report

Despite taxpayers keeping more of their income because of the decrease in the income tax rates, personal income tax revenue for the state performed marginally better than expected for the month, even though revenue for the state is down from the year before.

That’s according to the Illinois Commission on Government Forecasting and Accountability which says overall base revenues declined over $484 million in December.

Meanwhile the COGFA report for December says corporate income tax revenue was weaker than expected.

The report also says sales taxes posted a modest loss, as did federal reimbursements, which could have been from one less receipting day in December. The report says it’s still too early to know if the drop in sales tax is related to timing of receipts or a sign of future weakness.

Meanwhile there were gains for the state in corporate franchise taxes, utility taxes, cigarette taxes, vehicle use taxes and interest income. COGFA says base receipts, year-to-date, are down over $1.8 billion.

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